Yes, even in swanky Vienna, VA there are real estate short-sales. As the process has been allowed to pickle over the last few years, banks have come up with strategies to streamline the process. That sounds like good news but I still have to advise home buyers that these are tricky transactions that will require patience and some hard work. I Continue Reading
Selling a Home before the Bank Forecloses
Image by respres via Flickr As the closing date approached on one of my recent listings in Fairfax, VA, my clients who had moved due to a job-loss informed me that they had not made mortgage payments for the past few months. Now, when I am filling in my listing paperwork there is a section where I have to ask, “Are you current on your Continue Reading
Real Estate short sales may just start your headache
Image by Rev Dan Catt via Flickr When people sell their home for less than they owe on their mortgage it is called a "short sale". And these can give short-sale-sellers the impression that the agreement to repay the amount borrowed has been satisfied, and that it is time to move-on like in a traditional sale. You pay, you stay... if you Continue Reading
Home buyers need a plan, and be ready to pull the plug…
It has taken a couple of months, but you are now walking up the stairs and into your new home. It’s actually a little bigger than you thought and you can’t wait to paint the kitchen, replace the carpet, get the FiOS set up, and turn in the keys at the old place. Maybe even take a dip in the pool! Nice story, but this is the type of mental image Continue Reading
3rd Street in Herndon, Virginia – bought!
This 4 bedroom, two car colonial wasn't your typical short sale in Herndon, Virginia... it was much better! Lots of space, finished lower level, big bedroom sizes. But it took a lot of work, time, patience, and a couple off-hand prayers. Took about 2 months (fast) but almost 30 days without any response to the offer! Bought in 2009. My Continue Reading
A short-sale success story… another home sold
I managed to get another home sold as a short-sale last week for a buyer client. This one was in Herndon and is a pretty big house, but it was grueling for my clients as information came super-slow from the other side. Honestly, the whole set up stinks because everyone (buyer, seller, agents, inspectors, and even the attorney's) are working at the Continue Reading
It takes more than the crystal ball to understand real estate
Are you still looking into that crystal ball? You know, like when you were searching for the bottom of the market, the lowest interest rate to refinance, or if the economy is sending a signal of a turn around. In the April 27th issue of BusinessWeek, there was an article titled "What Good are Economists Anyway?" that really put the screws to Continue Reading
Buying a short-sale in Northern Virginia
So you pulled up a listing in the neighborhood that you would kill to live in and it is priced $100,000 below the last sale. "Honey, get the keys cause we are gonna buy that house", you say wildly. What you did not see written into the comments section is this home is a short-sale that needs the lender's approval. Someone in the sale is coming Continue Reading
